Fannie Mae extends seller assistance program

Fannie Mae recently announced it is extending its seller assistance incentive on all Fannie Mae-owned HomePath properties. Buyers will receive 3.5 percent of the final sales price, to be used toward closing cost assistance or their choice of selected appliances. The offer is available to any owner-occupant who closes on the purchase of a property listed on www.HomePath.com by June 30.

Properties listed on www.HomePath.com are owned by Fannie Mae and include a variety of homes, including single-family homes, condominiums, and town houses. HomePath properties also may be eligible for HomePath Mortgage and HomePath Renovation Mortgage financing, which offers prospective buyers an opportunity to purchase properties with as little as 3 percent down.

GSE loan mods, refinancings rise in November

As of November 2009, Fannie Mae and Freddie Mac implemented more than 405,000 trial and permanent loan modifications under the Home Affordable Modification Program (HAMP), according to a third quarter Federal Housing Finance Agency’s (FHFA) report. The agency also refinanced 4 million loans. The report details the actions each enterprise has taken to prevent foreclosures and help homeowners remain in their homes.



According to the report, as of Nov. 30:

• Fannie and Freddie had implemented 405,700 HAMP active trial and permanent loan modifications.

• Foreclosure starts on loans owned or guaranteed by the GSEs declined 15 percent in the third quarter.

• Loan modifications, excluding HAMP trial loan modifications, increased 14 percent compared with the second quarter.

• Nearly half of loan modifications completed in the third quarter, excluding HAMP trial modifications, resulted in borrowers’ payments decreasing by more than 20 percent.

• Short sales and deeds in lieu increased by 39 percent during the third quarter.

• Loans 60 or more days delinquent increased nearly 20 percent during the third quarter to 1.6 million.

How do I know if Fannie or Freddie owns my loan?

With all the discussions of the great refinancing options being offered by Fannie Mae and Freddie Mac, how do you find out if one of these enties own your loan?

It's amazingly easy. Just go to their respective website area devoted to this question and enter in your information.

Click here for Fannie Mae's website and here for Freddie Mac's.

One caution - Fannie Mae's site works great, user have reported more issues with Freddie Mac's.